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SEBI CSCRF Information Systems Audit for an Asset Management Organization

Strengthening Cyber Resilience & Regulatory Readiness Under SEBI CSCRF

Client Overview

An asset management organization operating under SEBI regulations managed critical investor data, financial systems, and digital operations in a highly regulated environment.

With SEBI increasing its focus on cybersecurity governance and operational resilience through the Cyber Security and Cyber Resilience Framework (CSCRF), the organization required an independent Information Systems (IS) Audit to evaluate the effectiveness of its cybersecurity controls, resilience capabilities, and regulatory alignment.

The Challenge

As cyber risks and regulatory expectations evolved, the organization needed stronger visibility into its cybersecurity posture and control effectiveness.

Key Challenges Identified

  • Lack of independent validation of cybersecurity controls against SEBI CSCRF requirements
  • Gaps in design and operating effectiveness of security controls across critical systems
  • Limited visibility into cyber resilience maturity and operational risk exposure
  • Need to validate remediation of previously identified vulnerabilities and audit observations
  • Increasing pressure to improve regulatory readiness and investor confidence

The organization required a structured audit approach capable of evaluating governance, cybersecurity operations, compliance maturity, and resilience effectiveness across its technology ecosystem.

CyRAACS’ Approach

CyRAACS adopted a risk-based and regulatory-focused audit methodology aligned with SEBI CSCRF expectations and cybersecurity best practices.

1. Audit Planning & Information Gathering

The engagement began with detailed planning and stakeholder discussions to understand:

  • The organization’s technology landscape
  • Critical business and investor-facing systems
  • Existing cybersecurity governance processes
  • Applicable regulatory obligations
  • Previous audit findings and remediation activities

Policies, procedures, audit reports, and operational documentation were reviewed to establish contextual understanding of the control environment.

2. Regulatory Walkthrough & Framework Alignment

CyRAACS analyzed SEBI CSCRF requirements and conducted structured walkthroughs with business, technology, and security stakeholders to assess:

  • Governance mechanisms
  • Cybersecurity processes
  • Risk management practices
  • Operational resilience capabilities
  • Existing control implementation maturity

This enabled alignment of audit testing against SEBI’s cybersecurity and resilience expectations.

3. Control Testing & Audit Execution

The audit team evaluated both:

  • Design effectiveness of controls
  • Operational effectiveness of implemented processes

Testing activities included:

  • Stakeholder interviews
  • Artefact validation
  • Configuration reviews
  • Process walkthroughs
  • Compliance evidence assessment

This helped identify areas where operational practices required strengthening to improve cybersecurity resilience and compliance posture.

4. Gap Identification & Reporting

CyRAACS conducted structured gap assessments to:

  • Identify cybersecurity and governance gaps
  • Assess associated operational and regulatory risks
  • Prioritize observations based on severity and business impact
  • Deliver actionable recommendations for remediation

Detailed audit reporting provided management teams with visibility into control effectiveness, cyber risk exposure, and resilience maturity.

5. Remediation Validation & Compliance Audit

Follow-up validation activities were performed to:

  • Assess remediation progress
  • Verify closure of identified gaps
  • Validate improvements in compliance posture
  • Ensure alignment with SEBI CSCRF expectations

CyRAACS provided final compliance-focused reporting aligned with regulatory audit requirements.

Outcomes Delivered

Improved Alignment with SEBI CSCRF

The organization strengthened alignment with SEBI’s Cyber Security and Cyber Resilience Framework requirements, improving overall cybersecurity governance maturity.

Enhanced Cyber Risk Visibility

Leadership teams gained better visibility into security control effectiveness, operational risks, and cyber resilience exposure.

Faster Remediation & Compliance Readiness

Structured remediation tracking enabled quicker closure of audit observations and improved ongoing audit preparedness.

Stronger Operational Resilience

Improved governance oversight and cybersecurity control validation helped strengthen resilience across critical systems and investor operations.

Increased Regulatory & Investor Confidence

Independent validation of cybersecurity controls and resilience capabilities improved confidence among regulators, leadership teams, and stakeholders.

Business Impact

The engagement enabled the organization to transition from a reactive audit-driven approach toward a more proactive cybersecurity governance and resilience model aligned with SEBI’s evolving regulatory expectations.

By combining regulatory expertise, cybersecurity assessment capabilities, and structured audit execution, CyRAACS helped the organization strengthen operational resilience, improve governance maturity, and enhance long-term compliance readiness.

Build Stronger Cyber Resilience with CyRAACS

CyRAACS helps SEBI-regulated entities strengthen cybersecurity governance, improve operational resilience, and navigate evolving regulatory expectations through specialized IS Audits, cyber resilience assessments, technical security validation, and AI-enabled continuous compliance capabilities tailored for modern financial ecosystems.

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